Fulton Financial Advisors, which is a division of Fulton Bank, N.A. and operates through Fulton Bank, N.A. and other affiliates of Fulton Financial Corporation (“Fulton”), is a $5.1 billion firm offering a broad array of financial products and trust and retirement services, based in Lancaster, PA with regional offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia. A portion of their products and services are provided in conjunction with a third party marketer.
Fulton was researching options to streamline their back-office, specifically their commission accounting process. The operations team was managing commissions with spreadsheets in Excel. Over time, as their business grew, this manual process became increasingly tedious and time-consuming as managing commissions in Excel necessitates a certain amount of data entry. The process lacked visibility across the organization and easy access to up-to-date commission numbers. Advisors and management had to rely on the ops team to collate this information into spreadsheets, which was then delivered via email several times a month. Manual data entry is inexorably prone to human errors. Although fortunately for Fulton, there had not been a significant amount of human error, they decided it was a risk they no longer wanted to take.
Terrapin’s core product, Pandia, a web-based SaaS application for financial services firms, is both comprehensive and modular. Pandia’s robust compensation management tools was a perfect fit for Fulton. Adept at providing solutions since 1995 for large bank-owned brokerages, Terrapin implemented Pandia’s compensation management module to meet Fulton’s growing needs.
- The system processes commission and revenue files in Pandia, which are immediately available for review.
- Back-office processes subsequent expense files with Pandia’s compensation adjustment tool.
- Management reviews and approves payroll in Pandia.
- Advisors can view their commissions dashboard at any time via Pandia.
Automation and Accuracy
Prior to using Pandia, an inordinate amount of time was spent on data entry and resolving conflicts. Converting from an in-house manual commission accounting system to Terrapin’s automated compensation management solution has enabled Fulton to mitigate risk and realize cost savings. With Pandia, Fulton minimized the potential for error inherent to data entry and calculating commissions solely in spreadsheets. All changes are timestamped and tracked in audit logs. A reduction in time spent on commission accounting has been achieved and management receives timely and accurate information. Now the operations team is positioned to focus on their core business and provide improved service to the sales organization.
Visibility and Performance Management
With the previous manual commission accounting process, Fulton’s management and sales force had limited access to commissions data. With Pandia, the compensation program is visible across the organization. Their back-office no longer needs to send spreadsheets with commissions information to advisors and management. Additionally, payroll review and approval is done in a centralized and expedient manner. Advisors readily access their compensation details anytime from a single user-friendly dashboard. Sales management has access to up-to-date commissions and historical reporting, which gives them the information required to effectively manage sales performance and forecasting. Pandia brings flexibility and simplicity in designing and deploying new compensation plans. Sales management leverages these resources to turn the firm’s business goals into actionable programs, ultimately, achieving growth.
Terrapin is familiar with our industry. From an operations perspective, this really helps minimize risk for reporting on compensation, especially for internal and external audits.
– Jennifer Schwebel, SVP/Operations Manager at Fulton Financial Advisors
Is your commissions accounting staff relying too heavily on manual data entry and Excel spreadsheets? Does your compensation program lack visibility throughout your organization? Converting to Terrapin’s compensation management solution will address these needs and more. Call us at 612-244-2300 or email us at firstname.lastname@example.org.